Central Bank to Launch Remittances, Diaspora Finance Database – Governor Saidy

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By Sariba Manneh

The Governor of the Central Bank of The Gambia, Hon. Buah Saidy, has revealed that the Bank is set to launch the inaugural edition of a new database titled ‘The Gambia Remittances and Diaspora Finance Factbook’.

He added: “These have been recognized internationally and The Gambia now serves as an example and case study of good practice, regarding remittance data analyses. To build on this success, the Central Bank of The Gambia is pleased to announce that in March 2024, in partnership with GK Partners, it will publish and launch the inaugural edition of a new resource titled The Gambia Remittances and Diaspora Finance Factbook,” Mr Saidy reported.

The CBG governor made this disclosure at the 7th Stake in the Nation Forum (SNF) held at the Sir Dawda Kairaba Jawara International Conference Centre last week. The forum featured a parallel conference on higher education.

“The technical cooperation between the Central Bank of The Gambia and GK Partners through the MSDG Project dated back to 2017. It has resulted in demonstrable improvements in remittance data and policy monitoring, analysis, and innovation,” stated the CBG governor.

“Over the years, official statistics on remittances have recorded a substantial inflow of funds, providing direct economic benefits to Gambians from all walks of life,” he stated.

The CBG governor emphasized that the apex bank is committed to maintaining leadership and innovation in the field of diaspora finance.

SNF was initiated in 2017 as an annual consultative dialogue, integral to Gambian diaspora policy and practice. As an emergent national institution, SNF continues to facilitate development engagement, interaction, consultations, and collaboration between the Gambian diaspora and Ministries, Departments and Agencies (MDAs), and a diverse range of Non-State Actors (NSAs).

The Minister of Foreign Affairs and Gambians Abroad, Dr. Momodou Tangara, delivered the keynote address on behalf of President Adama Barrow, pointing out that progress would remain elusive if various development activities do not have positive impacts on communities or the nation.

“No community or nation can progress and thrive without ensuring that its various development activities create actual positive impacts, especially for citizens from deprived socioeconomic backgrounds,” he explained.

“However, as a President, one of my constitutional duties is to embark on an annual Meet-The-People tour. I get to hear about problems and challenges faced by citizens up and down the country. I get to see the projects and programs implemented by my government and other development partners. Most importantly, I get to witness how positive development impacts and transforms the lives, livelihoods, and lifestyles of individuals, families, and communities,” Tangara said while reading the Gambian leader’s speech.